THE Pictet Group’s Singapore bank, Bank Pictet & Cie (Asia) Ltd (BPCAL), has received regulatory approval for a wholesale bank license from the Monetary Authority of Singapore (MAS). BPCAL expects to commence operations as a wholesale bank on April 2 2018.

BPCAL has been operating as a merchant bank since 2004. The new license will allow BPCAL to additionally offer Singapore Dollar (SGD) services, including deposits and loans, within the prescribed regulatory guidelines for wholesale banks.

Claude Haberer, CEO of Pictet Wealth Management Asia, says: “Our upgraded license underlines the growing importance of Singapore for the Pictet Group in the Asia-Pacific region. It’s a natural step, coming just six years after receiving a full banking license in Hong Kong.”

Dominique Jooris, CEO, BPCAL, and head of Pictet Wealth Management South Asia, adds: “A wholesale bank license is pivotal in building Pictet’s franchise locally. We see great potential in the region for wealth management clients seeking a personalised service, long-term relationships and independent investment advice. We are perfectly positioned to do this.”

The Pictet Group has been operating in Hong Kong since 1986 and in Singapore since 1995, employing in total more than 290 staff in Singapore and Hong Kong.